Mortgage-to-rent scheme has helped only 282 families in six years

Michael McGrath said the level of successful applicants was pitifully lowROLLINGNEWS

Only 282 mortgage-to-rent cases have been completed since the scheme launched six years ago.

The scheme, which began in 2012, helps borrowers in long-term mortgage arrears to stay in their homes by selling the property to an approved housing body, with the owners then becoming tenants. It was amended last year to allow private investment funds to buy non-performing home loans at a discount before leasing properties back to the state for social housing.

The figures, which were released to Michael McGrath, the Fianna Fáil finance spokesman, showed that fewer than 8 per cent of those who applied for help through the scheme had been successful.

Since 2012, 3,765 cases have been submitted under the scheme. Of those cases, 2,909 were ineligible or terminated during…

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